Trex (TREX) FY2021 results: revenue $1.2 billion, up 35.9% on the year

Trex Co. Inc. (TREX) reported revenue of $1.2 billion for fiscal 2021, the year ended 31 December 2021, up 35.9% on the year before. Net income was $209 million, up 18.8%, and diluted earnings per share $1.80. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$1.2 billion

+35.9% on the year

FY2014FY2021

Operating margin

23.0%

26.5% a year earlier

FY2014FY2021

Net income

$209 million

+18.8% on the year

FY2014FY2021

Diluted EPS

$1.80

+19.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,197	881	745	+35.9%
Cost of revenue	736	521	439	+41.3%
Gross profit	461	359	307	+28.1%
Gross margin	38.5%	40.8%	41.1%
Research and development	6.0	3.4	3.4	+76.5%
Selling, general and administrative	140	126	118	+11.0%
Operating income	275	234	188	+17.9%
Operating margin	23.0%	26.5%	25.2%
Pre-tax income	275	235	190	+17.4%
Income tax	66.7	59.0	45.0	+13.0%
Effective tax rate	24.2%	25.1%	23.7%
Net income	209	176	145	+18.8%
Net margin	17.4%	19.9%	19.4%
Diluted EPS	$1.80	$1.51	$1.24	+19.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	258	187	156	+37.8%
Capital expenditure	159	173	67.3	-7.8%
Free cash flow	98.7	14.5	89.1	+581.8%
Free cash flow margin	8.2%	1.6%	12.0%
Cash from investing	-158	-171	-67.2
Cash from financing	-80.7	-43.8	-46.0
Depreciation and amortisation	35.9	17.9	14.0	+100.4%
Share-based compensation	8.4	7.1	6.9	+18.3%
Buybacks	82.5	44.9	46.5	+83.9%
Diluted shares, weighted	116m	116m	117m	-0.4%
Shares outstanding at period end	115m	116m	116m	-0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	725	589	449	+23.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	28.3	28.6	34.2	-1.1%
Other liabilities	167	153	109	+8.9%
Total liabilities and equity	920	770	592	+19.4%
Fixed assets	460	337	171	+36.8%
Goodwill	14.2	68.5	68.5	-79.2%
Cash and equivalents	141	122	149	+15.9%
Receivables	151	107	78.5	+41.5%
Inventory	83.8	68.2	56.1	+22.7%
Other assets	69.8	68.8	69.0	+1.6%
Total assets	920	770	592	+19.4%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.